Stitch Fix (SFIX) reports fiscal Q3 2020 net loss


Stitch Fix on Monday reported a quarterly sales decline of 9%, and a wider-than-expected net loss, as its supply chain hit a snag amid the coronavirus pandemic, and orders were backlogged. 

Absent the fulfillment constraints it experienced, the company said it would have reported sales growth during the period. By the end of March, Stitch Fix said its U.S. warehouse capacity had fallen by nearly 70%, as it was forced to close some buildings due to the pandemic. 

The company — which sells boxes of clothes for people to either pay to keep, or return, on a subscription basis — said it intends to eliminate all of its remaining order backlog by the end of June.

Chief Executive…

Source cnbc.com

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